I recently had the opportunity to participate at the BAI Beacon event in Chicago, where we spent a day and half exploring innovation, advancements and new ideas in banking from around the world. During the event, I presented my analysis of the state of depository accounts and the potential future of the DDA. If you’re interested in learning more about my analysis, send me a note by clicking here.
Post-event, I reflected on some of the questions posed by the audience and the following is an excerpt from an article I wrote for BAI where I addressed them in more detail.
...During the Q&A portion, a participant asked me if creating a platform is only achievable by the very largest financial institutions—meaning, how can institutions with less control over their technology, less capital to invest strategically and smaller marketing budgets effectively address these market dynamics?
Here’s the short answer: Building and maintaining a sustainable platform of broad financial services delivered in an omni-channel ecosystem is likely unrealistic for many financial institutions (or FinTech companies, for that matter). But that doesn’t mean it’s impossible in context. The trick is to learn how to “eat the elephant”—which we all know is done in small bites.